b

Presented below are me amounts of (a) the assets and Babies of Cantech Bookkeeping as of December 31, 2020 and (t) the teves and expenses of the company for the year anded December 31 2320 The items are listed in alphabucal order Click the icon to view the accounts.) Accounts S $ 61,000 Insurance Expense 4500 Accounts Payable Accounts Receivable 54,000 Interest Expense 19.000 Advertising Expense 56,000 Land 53.000 J. Adams, Withdrawals 107.000 Building 245,600 Note Payable 197 000 Cash 27,000 Salaries Expense 380.000 Computer Equipment 179,000 Salaries Payable 38.000 Courier Expense 11.000 Service Revenue 630 000 Furniture 49.000 Supplies 8.900 The opening balance of owner's equity was $268.000. During the year, the owner made no investments Required 1. Prepare the business's Income statement for the year ended December 31, 2020 2. Prepare the statement of owner's equity of the business for the year ended December 31, 2020 3. Prepare the balance sheet of the business at December 31, 2020. 4. Answer these questions about the business a. Was the result of operations for the year a profit or a loss? How much was it? b. Did the business's owner's equity increase or decrease during the year? How would this affect the business's ability to borrow money from a bank in the future? c. How much in total economic resources does the business have at December 31, 2020, as it moves into the new year? How much does the business owe? What is the dollar amount of the owner's portion of the business at December 31, 2020